US inflation hits 3.8% as gas prices climb (opens in new tab)

The Commerce Department said the Federal Reserve’s preferred inflation measure, the personal consumption expenditures price index, rose 3.8% in April from a year earlier, up from 3.5% in March and the fastest annual pace since May 2023. Prices increased 0.4% from March, slower than the prior month’s 0.7% rise, as higher gasoline, food and energy costs put pressure on household budgets. The acceleration came as energy prices rose in connection with the Iran war, while the inflation report also...